New Listing Proposal: BiLira Stablecoin (TRYB) on Mango V4

Simple Summary

The BiLira (TRYB) token is a full-reserve stable cryptocurrency that is built on 6 different blockchains, issued and managed by the BiLira organization, backed by the Turkish Lira and collateralized 1 : 1, secure and compatible with ERC-20 token standards. As emerging technologies continue to expand across the globe, the concept of open internet has allowed individuals all around the globe to instantly, securely and effortlessly share value and this created a need for non-USD stablecoins. We want to add TRYB to Mango V4 as a tradable asset in the protocol.

Motivation

BiLira offers every Turkish citizen a seamless connection to the decentralized internet. As emerging technologies continue to expand across the globe, the concept of the open internet - a fundamental network of information that is free and accessible to everyone regardless of financial motives - has allowed individuals all around the globe to instantly, securely, and effortlessly share information. The contributions of this advancement are immense and its impact is still unraveling around the world.

BiLira (TRYB)

  • TRYB is a Turkish Lira backed stablecoin. BiLira aims to bridge the gap between web 2.0 (monetized by fiat) and web 3.0 (fueled by crypto assets), to offer a convenient on-ramp and off-ramp solution for crypto traders to combat high volatility and to support the future applications of decentralized finance.

  • The legacy financial system is dependent on private organizations and third-party services which makes it challenging for individuals to connect to the open internet and transact with one another. The current infrastructure does not support a transition from Web 2.0 banking system to the Web 3.0 crypto-based native web currencies. Since mainstream cryptocurrencies such as Bitcoin and Ethereum are volatile, the public is looking for a better way that is more stable and safe to interact with digital assets and cryptocurrencies

  • Just as information flows freely between web browsers, BiLira aims to make transferring value between wallets effortless, instant, and borderless for everyone.

Market Statistics & Market Making Support

Daily trading volume, market capitalization, and other relevant analytics

  • Total Issuance: 3,628,739,174 TRY
  • Total Redemption: 3,481,399,927 TRY
  • TRYB AUM: 147,339,247 TRY
  • Fiat Reserves: 147,339,247 TRY
  • Total on-chain transfer volume: 29,345,852,448 TRYB
  • Listed on FTX, MEXC, Bittrex, Liquid, Pangolin and DFX

Regulatory and Risk Considerations

  • There is no regulation on stablecoins in Turkey. BiLira has been audited by the Central Bank of Turkey. Users need to go through the KYC and AML process.
  • There haven’t been any hacks or vulnerabilities on the project
  • The contract is verified on the explorers mentioned above in market statistics
  • The project can’t be considered a security as TRYB tokens are backed 1:1 with TRY fiat reserves, BiLira (1 TRYB) is always supported by one unit of the reserve currency (1 TRY). There is no risk for users when our customers withdraw TRYB to Turkish Lira we burn that amount of TRYB.

Rationale for Listing

  • Advanced fiat on/off-ramp:
    BiLira offers a convenient on-ramp and off-ramp solution for crypto traders to combat high price volatility and to support the future applications of decentralized finance. BiLira builds a fiat <> crypto on/off ramp for users to interact with global exchanges and DEXs as we are the only Turkish Lira backed stablecoin.

  • Global coverage:
    TRYB will be the largest non-dollar stablecoin on Mango V4 from an emerging country. It will allow Turkish Users to participate on Mango V4 with only a domestic bank transfer. Mango V4 will be onboarding a lot of new users from a very active Turkish crypto community. Turkey was the world’s fourth biggest cryptocurrency market in 2020 and became the largest cryptocurrency market in the Middle East in 2021. Turkey topped a million trades a day by the end of 2021. With over 40 exchanges operating in Turkey, the Middle East’s largest economy and home to around 85mn people, the adoption of cryptocurrencies is ever expanding. Turkish residents using cryptocurrencies were recorded at 16% to 20% between 2020 and 2022. Latest surveys show there are over 5 to 6 million Turkish people with cryptocurrency accounts. A cryptocurrency exchange in the country reported nearly 5 million users and had a trading volume of $203.5 million.

  • Ultimate Transparency:
    TRYB tokens are backed 1:1 with TRY fiat reserves, BiLira (1 TRYB) is always supported by one unit of the reserve currency (1 TRY). There is no risk for users to withdraw Turkish Lira that is backing the TRYB token. BiLira is a centralized stablecoin that goes through regular audits performed by independent 3rd parties.

  • Towards Decentralization:
    Turkish crypto users generally start their crypto journey through the local exchanges because they do not have to deal with the complexities of the blockchain technicalities, such as use of wallets and addresses. BiLira team believes in the future of the Web3 decentralized ecosystem, where users control their assets via their own wallets, removing intermediaries and interacting with DeFi

  • Website: https://www.bilira.co/en

  • Twitter: https://twitter.com/bilira_official

  • Whitepaper: https://uploads-ssl.webflow.com/5fb683a258cbdf70262c0b77/5fd0a1ee214a7315072727b0_whitepaper-(TR-1.0).pdf

  • Audit Reports: Audit Reports | BiLira

  • Multichain Contract Adresses: Solana, Ethereum, Avalanche, Algorand, BSC, Polygon

  • Solana: Explorer | Solana

  • Avalanche C-Chain: Address 0x564a341df6c126f90cf3ecb92120fd7190acb401 | C Chain | Overview | AVAX Explorer | AVASCAN

  • Ethereum: $0.05 | BiLira (TRYb) Token Tracker | Etherscan

  • Binance Smart Chain: BiLira: TRYB Token | Address 0xC1fdbed7Dac39caE2CcC0748f7a80dC446F6a594 | BscScan

  • Polygon: BiLira (PoS) (TRYB) Token Tracker | PolygonScan

Security Considerations

Besides possible smart-contract risks,TRYB stablecoins are backed by fiat TRY and therefore, are the subject to fiat currency risk.

Risk Analysis

  • There is no regulation on stablecoins in Turkey. BiLira has been audited by the Central Bank of Turkey. Users need to go through the KYC and AML process.
  • There haven’t been any hacks or vulnerabilities on the project
  • The contract is verified on the explorers mentioned above in market statistics
  • The project can’t be considered a security as TRYB tokens are backed 1:1 with TRY fiat reserves, BiLira (1 TRYB) is always supported by one unit of the reserve currency (1 TRY). There is no risk for users when our customers withdraw TRYB to Turkish Lira we burn that amount of TRYB.